May 8, 2024
Egypt: the insurance sector is preparing to implement the “risk-based control” standard
Mr Alaa Al-Zuhairi, President of the Insurance Federation of Egypt, expected that the implementation of Solvency II standards – which is based on risk – based supervision – will begin during the next fiscal year 2024/2025 after the mandatory implementation of the International Accounting Standard 17 (Egyptian no 50) into force. Source: المال
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Bilal Jarjour
May 8, 2024
Türkiye: Insurers suffer underwriting losses in traffic branch in 2023
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. Source: Middle East Insurance Review
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Bilal Jarjour
May 2, 2024
Asia: Composite insurance pricing dips by 2% in 1Q2024
Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters, according to the “Global Insurance Market Index” Source: Asia Insurance Review
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Bilal Jarjour
May 2, 2024
Insurers must build resilience, consistency amid volatile risk landscape
The Dubai World Insurance Congress began just two weeks after unprecedented levels of rain in the UAE. The risk landscape in the MENA region is volatile with significant developments in political violence, Nat CAT and economic uncertainties Source: Middle East Insurance Review
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Bilal Jarjour
May 2, 2024
Egypt: Financial Regulatory Authority obliges insurance companies to disclose their products marketed through «Etisalat» every 3 months
The Financial Regulatory Authority (FRA) obligated insurance companies to provide it with a quarterly report on insurance products marketed through branches and offices of telecommunications companies, in accordance with Article VI of the FRA’s decision on the controls for marketing insurance products through branches of telecommunications companies Source: Amwal Al Ghad
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Bilal Jarjour
May 2, 2024
Egypt: Vice President of the Financial Supervisory Authority: We are preparing technical and operational studies for the establishment of the reinsurance company
Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority (FRA), said that the authority is preparing the technical and operational studies necessary to establish a national reinsurance company. Source: اموال الغد
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Bilal Jarjour
April 30, 2024
UAE: insurance sector in DIFC posts record-high premiums in 2023
Dubai International Financial Centre (DIFC) has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums (GWP) recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022. Source: Middle East Insurance Review
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Bilal Jarjour
April 30, 2024
Egypt: insurance companies’ premium portfolio record 8.38 billion pounds during January 2024
Insurance companies operating in the Egyptian market achieved a premium portfolio amounting to 8.383 billion pounds during January 2024, compared to 6.503 billion pounds during January 2023, being a growth rate of 28.9%. Source: Amwal Al Ghad
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Bilal Jarjour
April 30, 2024
Egypt: insurance companies pay claims amounting to 3.6 billion pounds within a month
Insurance companies paid a total of 3.652 billion pounds as claims during the month of January, compared to 2.618 billion pounds during the same month of the previous year, with a growth rate of 39.5%. Source: Amwal Al Ghad
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Bilal Jarjour
April 30, 2024
UAE insurance industry adapts to intense weather conditions – AM Best
Credit rating company analyzed events’ impacts on various insurance sectors. Source: Insurance Business
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